Deposits

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NRFC Fixed Deposits

NRFC Fixed Deposits enable you to save your hard earned foreign exchange and earn interest too in the same foreign currency. You may open this account with the Bank while you are employed abroad or within 90 days of your return to Sri Lanka. Non-Nationals who had been a Sri Lankan National also can invest in NRFC accounts.

You can place NRFC Fixed Deposits for periods of one, three, six, twelve and twenty four months and the minimum deposit value is just USD 1,000/- or its equivalent in other currencies. The interest is paid on maturity.

The Essentials

Longer periods higher rates

Interest at maturity

Earn interest in the same currency of the deposit

Learn More About NRFC Fixed Deposit

Benefits Of Placing NRFC Fixed Deposits

You can receive Sri Lanka Rupee Loans or Overdrafts against your deposit at concessional rates. This facility enables you to retain your Foreign Currency Deposits intact.

NRFC Deposits can be freely operated even after your return to the island for permanent residence.

You will receive the option of appointing a nominee, to whom the funds in the account are to be paid, in the event of death of the account holder.

You can switch from one currency to another at competitive exchange rates.

Placing A Deposit

You can visit a branch of your choice and discuss your requirement along with the period of deposit with an officer of the branch.

Interest rate applicable for Foreign Currency Fixed Deposits can be viewed from the Rates and Tariffs page of this site.

Please fill the relevant application form and hand over to the branch. Remember to take your passport with the visa copy to confirm your non residency status. This is necessary for us to identify you.

You can place NRFC Fixed Deposits in following designated currencies. The minimum deposit values are as follows.

Currency

Minimum Deposit

US DOLLARS

USD

1,000

STG. POUNDS

GBP

1,000

SWISS FRANCS

CHF

1,000

JAPANESE YEN

JPY

100,000

AUSTRALIAN DOLLARS

AUD

1,000

SINGAPORE DOLLARS

SGD

1,250

CANADIAN DOLLARS

CAD

1,000

HONG KONG DOLLARS

HKD

8,000

EURO

EUR

1,000

SWEDISH KRONER

SEK

7,000

NORWEGIAN KRONER

NOK

6,000

NEW ZEALAND DOLLAR

ZND

1,500

CHINESE YUAN

CNY

6,500

Deposits

All types of inward remittances in foreign currency as given below will be accepted in the credit of NRFC Fixed Deposits.

All types of inward remittances in foreign currency as given below will be accepted in the credit of NRFC Fixed Deposits.

1. Telegraphic or SWIFT transfers.

2. Bank drafts drawn on Commercial Bank of Ceylon PLC on which immediate credit is given without any charges or commission.

3. Bank drafts drawn on foreign currency in the currency of the respective countries.eg: USD drafts drawn on New York GBP drafts drawn on London

4. US$ drafts payable at local banks or issued by local banks on which credit will be given within 4 working days without any charge.

5. Foreign currency notes and the full value of the deposit amount will be credited.

6. Traveller's cheques issued overseas and personal cheques.

7. Bank drafts drawn on local banks.

Interest

Interest will be calculated on the daily balance and credited to your account at maturity but however with regard to 2 years Fixed Deposit option available to get interest monthly, annually or maturity. On request special rates of interest could be negotiated for larger Fixed Deposits.

The interest earned on NRFC Fixed Deposits is free of all taxes even after your return to Sri Lanka. NRFC funds are freely transferable without being subject to exchange control regulations. (Subject to change, in accordance with the Exchange Control Regulations)

Withdrawals

Withdrawals will be allowed only after the agreed period of the Fixed Deposit.

You can uplift the Fixed Deposits prematurely at a lesser rate of interest. Please speak to the branch manager if you need to make such a withdrawal.

Product information and terms & conditions are subject to change from time to time.Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditions.